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When you file bankruptcy, you are required to fill out quite a few bankruptcy papers. Among these are Schedule C, which is a form where you list the property you are claiming should be exempt (meaning you get to keep it).Both federal and state laws provide exemptions for certain property that a debtor is allowed to claim as exempt. What property is eligible for exemption status varies from state-to-state; however, some states allow you to choose whether to use the federal exemptions or your state's exemptions. If federal exemptions allow you to keep more property than your state's exemptions, then you should opt for federal, provided your state allows it (not all states allow you to choose between federal and state exemptions).The following states DO ALLOW you to use the federal bankruptcy exemptions if you want: Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin.The following states DO NOT ALLOW you to use the federal bankruptcy exemptions: Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming. If you do not use the federal exemptions (either by choice or requirement), you are also allowed to use the federal non-bankruptcy exemptions.What property is exempt under federal law?Remember that only 15 states and Washington, D.C. allow you to use the federal bankruptcy exemptions (see above). These exemptions can be doubled if you are filing bankruptcy jointly with your spouse --Personal and Real Property:(1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, musical instruments)(2) Jewelry: Up to $1,075.00(3) Vehicles: Up to $2,575.00(4) Work tools (implements, books and tools of trade): Up to $1,625.00(5) Health aides (wheelchair, etc.): Unlimited(6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption)(7) Real estate (house, co-op or mobile home): Up to $16,150.00(8) Any property: Up to $8,075.00 of unused portion of real estate exemptionWages, Pensions, Recoveries and Benefits:(1) Wages: None(2) Wrongful death funds: Amount needed for support(3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss)(4) Lost earnings payments: Unlimited amount(5) Retirement benefits: Amount needed for support(6) Alimony / child support: Amount needed for support(7) Unemployment compensation: Unlimited amount(8) Veterans benefits: Unlimited amount(9) Social security benefits: Unlimited amount(10) Public assistance: Unlimited amount(11) Crime victims compensation: Unlimited amountInsurance:(1) Disability: Unlimited amount(2) Unemployment benefits: Unlimited amount(3) Unmatured life insurance: Unlimited amount(4) Life insurance policy loan value, dividends or interest: Up to $8,625(5) Life insurance proceeds: Amount needed for supportWhat property is exempt under state laws?In general, most states allow you to keep much of your personal property, particularly that which has little or no value. You can even keep collateralized property in certain circumstances (of course, you have to reaffirm the debt).
Personal property includes tools that you use to earn a living (although there are limits on this); your clothing; and all of your household goods. As to your income, usually about 75% of your wages, and all of your unemployment and welfare benefits, worker's compensation, pensions, and insurance benefits are exempt. Most states allow you to double the amount of the exemption if you're married, but not all states, so make sure your state allows this before doing any calculations.

Bk and the Tenant .
Yes, if you are the tenant and are under eviction process, the tenant's bankrupcity filing can delay the tenant's eviction by one week or if the landlor…d or his attorney are not on top of things, by several weeks.

You file bankruptcy...not the property. You do not file it on a debt, or an anything. You do not say, that thing that isn't worth anything is bankrupt and I want the court t…o resolve it, but this asset....the one worth money....I don't want them to touch. When you file bankruptcy it involves EVERYTHING you own and everything you owe. ALL your assets and liabilities are involved. They are given different classes....some are classified as exempt. You do not and cannot pick and chose what you want to be involved. If you own (more than one) of anything it is involved. Basically, after the few exemptions, all your assets are used to pay all your debts.

ALL your property (all your assets) AND all your liabilities are included...always..you do not pick and chose. You cannot go BK on a speci Save fc debt. They are given diffe…rent priorities, some debts may not be discharged (like child support), and some assets (like household goods, work tools), may not be used. Secured debts. (and property taxes are secured to the property being taxed), get first claim to the proceeds from that asset. Answer Real estate taxes cannot always be discharged in bankruptcy. Determining whether they can be discharged requires some investigation by an attorney who specializes in bankruptcy law. A secured debt for property taxes would be perfected by the recording of a tax lien in the land records.

A basic, rough primer: BK is always done under FEDERAL Laws, in a Federal Bankrutpcy Court. Basically State makes little difference. (Yes the BK Courts operating in certain …areas have certain special exemptions and such, minor in the overall, generally intended to make things adhere to the local laws and customs better). In a personal bankruptcy, YOU go bankrupt. Not a debt, not a loan...not a car...not a this or that. ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. They are all, always involved in some way. The court will then order each of them in priorities according to the laws. Some things may be exempt from use or discharge (like your personal furntiure and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. (All possible creditors are contacted and asked to say what they are owed....you may be required to even take advertisments out to make sure everyone is notified). Any deal you've done for several years is open to scruitiny and review. The court can reverse them, take them out of the BK, or even have them prosecuted as trying to defraud your creditors. (So, no you can't sell your boat to your brother and then declare BK). Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder of that sdebt becomes a general or unsecured claim against the BK., and has a chance to payment on that level too (albeit a lower priority than those who have yet to receive anything). The end/remaining amount that can't be satisfied is generally discharged by the court...meaning you no longer owe it. You get a fresh basically debt free start....many of those you owe don't get paid what they had expected and relied on, if anything. There are many other considerations too. BK will severly hurt your ability to get credit for a very long time for example. It is on your credit report for at least 10 years...and employers refer to that too, as do landlords and more. Many do not rust people with bankruptcies in their past, especially in the last few years. Many more things. Not disclosing all items is frequently trie and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well). Many seem to fall into the trap thinking that they can trick or change the system. It simply ain't going to happen.The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for tricks and games. It is unlikely you would discover one that hasn't been tried a zillion times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams, and getting caught doing something unsavory (intentional or not), other than screwing up your bankruptcy filing, is frequently considered and persued criminally. (Think your financial troubles are bad, try adding in criminal ones). The legal process and system is demanding even for those experienced with it. Many of your creditors will have an attorney to assure they get as much as possible, even groups of lawyers, who specialize only in bankruptcy. Simply you should/better/need to have one too. State Laws that Affect Bankruptcy Each of the fifty states has its own bankruptcy laws that work along with the United States Bankruptcy Code. State laws provide various protections for the bankrupt in the form of exemptions. For example Massachusetts exempts $500,000 for the primary residence. Nevada exempts up to $15,000 for a vehicle with no limit if equipped for the disabled and $550,000 for the primary residence. Wyoming provides only $10,000 in exemptions for real property. You can check the exemptions in your state at the related link provided below.

A basic, rough primer: BK is always done under FEDERAL Laws, in a Federal Bankrutpcy Court. Basically State makes little difference. (Yes the BK Courts operating in… certain areas have certain special exemptions and such, minor in the overall, generally intended to make things adhere to the local laws and customs better). In a personal bankruptcy, YOU go bankrupt. Not a debt, not a loan...not a car...not a this or that. ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. They are all, always involved in some way. The court will then order each of them in priorities according to the laws. Some things may be exempt from use or discharge (like your personal furntiure and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. (All possible creditors are contacted and asked to say what they are owed....you may be required to even take advertisments out to make sure everyone is notified). Any deal you've done for several years is open to scruitiny and review. The court can reverse them, take them out of the BK, or even have them prosecuted as trying to defraud your creditors. (So, no you can't sell your boat to your brother and then declare BK). Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder of that sdebt becomes a general or unsecured claim against the BK., and has a chance to payment on that level too (albeit a lower priority than those who have yet to receive anything). The end/remaining amount that can't be satisfied is generally discharged by the court...meaning you no longer owe it. You get a fresh basically debt free start....many of those you owe don't get paid what they had expected and relied on, if anything. There are many other considerations too. BK will severly hurt your ability to get credit for a very long time for example. It is on your credit report for at least 10 years...and employers refer to that too, as do landlords and more. Many do not rust people with bankruptcies in their past, especially in the last few years. Many more things. Not disclosing all items is frequently trie and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well). Many seem to fall into the trap thinking that they can trick or change the system. It simply ain't going to happen. The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for tricks and games. It is unlikely you would discover one that hasn't been tried a zillion times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams, and getting caught doing something unsavory (intentional or not), other than screwing up your bankruptcy filing, is frequently considered and persued criminally. (Think your financial troubles are bad, try adding in criminal ones). The legal process and system is demanding even for those experienced with it. Many of your creditors will have an attorney to assure they get as much as possible, even groups of lawyers, who specialize only in bankruptcy. Simply you should/better/need to have one too

When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are pl…aced in exemption are permitted to be sold, but the trustee should be notified prior to the sale.

Then only the debtor's interest in the property is considered part of the BK estate. For example, if 2 people own the property, then 50% of the property is included in the BK.… If there is enough equity, the Trustee may order the sale of the property in order to pay back creditors.

The bankrupt's property interests can become part of the bankruptcy estate and ultimately disposed of by the court. On motion, indivisible interests might be excluded by the B…ankruptcy Court and alternatively may be subject to satisfaction of value to creditors out of financial assets to protect the interests of the other owners. Sometimes some assets are simply absolutely excluded from the bankruptcy estate by statute in Title 11, or a rule promulgated thereunder, or in a common-law precedent.